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Contract Cost Principles – Part 31 and Beyond
May 25, 2022 @ 10:30 am - 12:00 pm$378
The Cost Principles discuss the what costs the Government may and may not pay during a contract, how they must be accounted for, and how the contractor must treat certain types of cost-creating items. During this 3-part program, our expert, Jennifer Flickinger, will dive into the Cost Principles – what are they, what do they say, when do they apply, and more!
Session 1 – Cost Principle Introduction and Application
During this program, we will explore what they cost principles are, when they apply, how they apply and what penalties exist for non-compliance. We will also take a few moments to discuss the CAS, and its relationship with the Cost Principles.
- History of CAS & FAR
- Layout and Structure of Part 31
- What are the Cost Principles?
- When do they apply?
- Why are they important to me?
- What happens when I ignore them?
- What is the CAS, and why are we bringing it up during a Cost Principles training?
- Primer on Direct and Indirect Rates
Session 2 – Going Deeper on Direct and Indirect Rates
In the second session of our Cost Principles series, we’re going further into Direct and Indirect Rates. Last session we provided a basic definition, but today we’re covering it all. We’ll described the differences between direct and indirect rates, we’ll offer cover cost allocability issues, and describe the process by which a contractor establishes an indirect rate.
- Direct Rates
- Indirect Rates
- Cost Allocability
- Establishing an Indirect Rates
Session 3 – The Principles
FAR Part 31 also includes actual rules concerning cost – covering all sorts of narrow situations, and describing how those specific costs should be handled. In this final session, Jennifer will go over the largest offenders in the Cost Principles. She’ll describe how these rules impact contractors, why they’re so important, and what a contractor can do to avoid these hazards.
- Selected Costs and FAR 31.205
- Common Cost Hazards
- Cost Best Practices
- Contracts with Special Rules